New York, United States , Aug. 26, 2024 (GLOBE NEWSWIRE) -- The Global Multifunctional Food Ingredients Market Size is to Grow from USD 17.72 Billion in 2023 to USD 36.72 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.5% during the projected period.
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Multifunctional food ingredients are specialized components used in the food industry to improve product quality, taste, texture, and shelf life. These ingredients are intended to perform multiple functions simultaneously, making them useful for food manufacturers looking to optimize processes and improve product characteristics. For example, a single multifunctional ingredient can act as an emulsifier, stabilizer, and preservative, helping to maintain product consistency, extend freshness, and prevent ingredient separation. Common examples include lecithin, which emulsifies and extends shelf life, and certain starches, which thicken, stabilize, and improve food texture. The use of multifunctional ingredients is increasing as the food industry focuses on clean labels and reducing the number of additives while maintaining quality. Their versatility makes them an indispensable tool in modern food manufacturing, allowing for the creation of high-quality, consistent, and consumer-friendly food products. The use of multifunctional ingredients is growing as the food industry prioritizes clean labels and reducing the number of additives while maintaining quality. Economic development is required to increase the number of distributors of specialty food ingredients in developing countries. In developing economies, disposable income and population purchasing power parity are the most important factors influencing the increase in processed food consumption. GDP growth in emerging markets is expected to boost demand for value-added products and distribution. Consumer preferences for functional and processed foods are shifting in these emerging markets, where they can also be found in modern retail formats like supermarkets and hypermarkets. However, Long droughts, floods, and temperature fluctuations can all disrupt the supply chain, leading to shortages or lower-quality raw materials.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global Multifunctional Food Ingredients Market Size, Share, and COVID-19 Impact Analysis, By Ingredient Type (Emulsions & flavors, Hydrocolloids, Fibers, Oat Extracts, Bulking Agents, and Others), By Application Type (Bakery & Confectionery Products, Meat & Poultry, Dessert & Toppings, Dairy Products, and Processed Food Products), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hydrocolloids segment dominates the market with the highest market share of the global multifunctional food ingredients market during the projected period.
Based on the ingredient type, the multifunctional food ingredients market is divided into emulsions & flavors, hydrocolloids, fibers, oat extracts, bulking agents, and others. Among these, the hydrocolloids segment dominates the market with the highest market share of the multifunctional food ingredients market during the projected period. The increasing popularity of sauces and other flavor-enhancing products is expected to drive up demand for hydrocolloids. These ingredients are vital in the food industry because they improve the texture, stability, and mouthfeel of a variety of culinary dishes. As consumers seek more diverse and flavorful food options, manufacturers are responding by expanding their sauce, dressing, and condiment offerings.
The bakery & confectionery products segment is anticipated to grow at the fastest pace during the forecast period.
Based on the application type, the global multifunctional food ingredients market is categorized into bakery & confectionery products, meat & poultry, dessert & toppings, dairy products, and processed food products. Among these, the bakery & confectionery products segment is anticipated to grow at the fastest pace during the forecast period. Driven by rising demand for sweet treats and baked goods. As consumers' tastes shift toward indulgent and diverse confectionery items like chocolates, candies, pastries, and cakes, the market for these products is rapidly expanding. This increase in demand is being driven by factors such as the growing popularity of premium and artisanal products, as well as the growing influence of Western eating habits in developing markets.
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North America is expected to hold the largest share of the global multifunctional food ingredients market over the forecast period.
North America is expected to hold the largest share of the global multifunctional food ingredients market over the forecast period. North America has seen extensive adoption of advanced food manufacturing technologies, as well as increased consumer awareness of food safety. The region's emphasis on food innovation, combined with a growing emphasis on health-conscious choices, has resulted in increased demand for multifunctional foods.
Asia Pacific is predicted to grow at the fastest pace in the global multifunctional food ingredients market during the projected period. The Philippines is one of Asia Pacific's most profitable markets for functional food ingredients. Demand in the Philippines is rising as manufacturers increase their exports of natural and exotic food products like banana chips and coconut products. Younger generations in the Philippines are increasing their demand for convenient and healthy food options, which is good for the country's multifunctional food ingredient scene.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global multifunctional food ingredients market are Hempfoods Ltd., British Foods PLC, GELITA, Cargill Incorporated, Archer Daniels Midland Company, BASF SE, DMH Ingredient, Ajinomoto Co. Inc., Kerry Group PLC, McCormick, Ingredion Incorporated, Meala FoodTech, E.l. Du Pont De Nemours and Company, Arla Foods, Koninklijke Dsm N.V., DSM, Lonza Group, Others.
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Recent Developments
- In February 2023, Meala FoodTech, based in Israel, has raised USD 1.9 million in pre-seed funding to advance its multifunctional protein platform. The startup focused on replacing conventional ingredients in plant-based meats with clean-label alternatives, with the goal of creating simple ingredient lists that consumers could recognize. Meala created multifunctional proteins to improve texture and act as binding and gelling agents.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global multifunctional food ingredients market based on the below-mentioned segments:
Global Multifunctional Food Ingredients Market, By Ingredient Type
- Emulsions & Flavors
- Hydrocolloids
- Fibers
- Oat Extracts
- Bulking Agents
- Others
Global Multifunctional Food Ingredients Market, By Application Type
- Bakery & Confectionery Products
- Meat & Poultry
- Dessert & Toppings
- Dairy Products
- Processed Food Products
Global Multifunctional Food Ingredients Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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